Almunia Sees November Action After ‘Rigorous’ Spain Bank Review

European Union Competition Commissioner Joaquin Almunia said recapitalization of Spanish banks may be able to move forward in November now that an independent review has established a 59 billion-euro ($76 billion) capital shortfall.

“I think this has been a very detailed exercise, a rigorous one with a huge amount of work being done,” Almunia told reporters today in Nicosia, Cyprus. “I think it is really transparent and trustful.”

To contact the reporters on this story: Stelios Orphanides in Nicosia at sorphanides@bloomberg.net; Rebecca Christie in Brussels at rchristie4@bloomberg.net

To contact the editor responsible for this story: James Hertling at jhertling@bloomberg.net

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